If you take up your entitlement you have the same percentage as prior to the CR, so how do you get diluted out or extinguished? Cheers
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I would think a CR of $180m to pay bondholders. The size of CR does not matter very much because both the loan and the majority of CR come from Bright. If A2M does not participate in CR, Bright would get close to 90% shareholding and make a compulsory takeover.
After the game ends, Bright should be able to enhance the performance of its assets or sell Pokeno/Dunsdale at the right time.
i just find it hard to see how they can survive
with 585m debt
based on there ebit forecast of 45 - 60m that would imply they could have only round 300m debt which they could service on those ebit figures
so that implies a cap raise of say 300m and issue of at least 2.5 billion shares :scared: at say 12c
probably need to raise more for a buffer if conditions dont improve
We are talking about a country that can smother the fallout of a 300 billion collapse (Evergrande)
So I personally don’t think 500 odd mil of debt is going to scare them…
Plenty of shares on offer for the risk takers out there.
Just don't get you Dr and Cr 's mixed up between your p&l and balance sheet.
But ahead of bonds, so secured is much better than joining the pool of unsecured.